Forum Replies Created
hi all
Not sure, not seen the paperwork yet.(I haven’t chased it either)
Hence the post to jenny.
If it does come on my desk then I will be in alot better position to give a more informed response.
and again if it does come thru ( and I’ve been told it is) then it may be a hold position for her .
Its not one of my developments its the lending only.
As for it being in harvey bay yes it is qld and I have seen the a1 drawings on friday of the development.here to help
hi Jenny1
sorry but I drink single malt scotch the pressure never goes away.
If you don’t like the heat don’t become a chef.
As for the second ip put it down to learning we all learn.
Currently I got 72 mil on my shoulders and I don’t loose sleep.
When you come into my world then tell me you can’t take pressure.
and reading your post the broker was great so work with him.here to help
hi DBlackB
explain to me as if I was a 5 year old why I would want to read a rental page for different times of the year when I have tennents on 5 x 5 year terms with cpi increases.
I think a page whats hot and what not would be alot better page but ha thats my idea and I’m happy with the way its set up currently(except syndication and we don’t recommend that)
never only look at your investments look outside the square.here to help
Hi All
lucky or unlucky i’m not going to qld but the sydney group is trying to organise and if successfull the attendees will be able to give a few clues.
I didn’t get to the last one of 6 but the current will be 14 at last count.
I have holidayed up there but not sure of investing I like it here,
We need groups in each state and then cross migrate provided the return is there.here to help
hi Jenny1
Your post is very interesting and the reason that I recommend that you don’t put your lend thru the same lender.
The first question I ask is what lender do you use currently use and then I don’t pitch to them.
I broker to my client base and each broker must understand there client and his/her lenders.
sorry I don’t external broker but a broker here will be able to do the same.here to help
hi roy
Maybe a list of subjects the newbees want answers on and we can put our names down to answer them.
Can we organise a white board, i’ve got the markers.
I’m easy or just a general meet each other and 10 min with what you are good at and how you can help the rest.here to help
Hi Yasmina
I have read with interest both the posts and your replies.
one thing jumps out at me and that is you need to get focused not on selling or keeping but what you want your investments to do and it relativley easy once you know what you want.to answer all the question in this post would take another ten posts.
but here some clues.
First your PPOR any money owed in the loan is what is called dead money from a tax point of view so you need to take that down to $5,000 dollars never close it as you can redraw on a loan.drag out as much equity as possible every 3 years and put the cash back in the loan this is floating cash flow.( I like ppor because you can add value without getting taxed)
I would hold the ip (I don’t sell but use the equity to leverage)
as for renting
Not a great lover of it as again its dead money unless you can incorporate it as your business address( creative accounting).
I think you need to talk to somebody in your area that can give you financial advicehere to help
Hi Jimoan
I’ll give you some inside information but don’t tell the world.
most of the real estate agents I’ve met are humans
and as humans some are ethical and some are not.
Just because a person dresses as a priest doesn’t mean you leave your kids with him (and with some priests thats the last thing you would do).
check out everything.
Real estate jobs are not limited to the jenman or any other group I’m waiting for the add.
Real estate rep wanted for totally unethical practise must be able to rip off old ladies and steal from the blind and if possible worked with grossrealisation(sorry the last bit was an exaggeration)
Not sure if you’ve seen this type of ad and I don’t think you will.
Its also easy why you always see 52k.
The person writing the ad didn’t get past ist grade maths so 52 weeks x 1000 on the calculator gets 52k.
Ask is that including holidays and listen for the buttons being pushed on the calculator or the knuckles being dragged across the floor as the drown asks his boss.
scams I don’t think so, waste of time thats a different question.
Also there wouldn’t be scams if people follow all of above and nobody got scammed.
Ie check everything and then get a friend to check everything.here to help
Hi Ron
first get the info on this post.
The number one rule for me is.
Make sure that the figure stack up before you start.
If you sit down with land,all fees,building cost, taxes and selling cost add all up.
Then find the sell price take the above off the sell price and there must be a min of 20% profit if there isn’t you won’t get funding easy so for me forget it.
If reading your post correctly and your at this stage you need to do a lot of organisation to get the correct people into the right sections within your project.
Add sorry to be the provider of bad news but you are a long way from the finish line.
Get an external town planner (they arn’t cheap approx 2,000 but you get it thru council quicker and for you they will be invaluable with information of need to be done.)here to help
Hi All
1. when a aged person dies a library of information burns down.
2. when a rich man meets a wise man the wiseman gets a little richer and richman gets a little wiser.
3.when you travel never take anything you don’t want to lose, there are theives in this world of ours and thats not only overseas.
4.If you’ve gained it, do everything in your power to protect it or you will lose it.
5.Never lose sight of the ball unless you want to lose the game.
6. My mums favourit(no longer with us)live life for today as tommorow may never come and the chinese your along time dead so enjoy today.here to help
Hi Premo11
couple of things
1. pete r is a very good post and you would do we’ll to follow it.
2. its a bit late now put you need to do this research before buying the investment because you are currently running bare foot down a freeway and the other investor are driving vehicles to get to the end.( or they should be)
3. The accountant is what you need to setup a system( vehicle) that is specific for your goals the mentor can direct you but if the vehicle is wrong you won’t go any where and after you find the mentor he/she will tell you set this system up anyway.
4 Join the local investor groups if in sydney there is one on the 11 sept
5 read the back dated posts and learn
last but not least a mentor is only a person that is further down that freeway that is trying to pull you up to catch him/her some of us have made these mistakes and they are easily solved if planned at the start.here to help
Hi donchristie
Couple of question and i’ll give my own answers. If there wrong sorry.
first time in vesting in property not a smart move to go into a 900k single property investment, in the most high risk market for me. Holiday rental and have no managment to supervise.
This type of investment looks great medium returns, holiday location.
Will retire into it some day.
Then hell happens no holidayers.
Bank wanting 900k or wanting payments and you have to sell.
10% drop and you’ve lost 100k with legals.
Thats the bad news now the good news.
Take the 900k split into 2 (or more)(if you want resort style investments and I’m not one into them but a couple of people here are) put 450k into one and the other 450k into a permantent investment property.
(I would stagmate your investments to gain experience but if you want, and someone dropping 900k into the market wants risk verse return then do both).
If the holiday drys up you can hold the bank with the other investment.
At worse the bank will sell one property and you have limited your exposure.
The house sounds great but as primary not investment.
As for return go look at newcastle and surrounding areas or sydney.here to help
Hi Pete&Jackie
interesting post.
The one main item here is price if the price is the either way then your customer is a lot better off.
1st
land 150,000
s/duty 8,100
build cost 200,000
total 358,100
2nd
house sale
358,100
s/duty 19,337
Gst would nearly be the same using the margin scheme.
but your client saves 11,237 in tax.
So I would go for option 1 and explain the above So you can pad your fixed price contract with a little of the 11k up to you.
As for the question on the progress payments thats a little more involved and you need to structure it knowing which bank lender is lending use of number one and you don’t have to worry.here to help
hi edzel
I will try to answer your post heading first.
Apartments is it good to invest( I will say I have a vested interest in my answer as a developer of units).
my answer is yes depending on.
The price,
The rental return in the area.
Demand for units.
And current growth or potential growth.
I haven’t got a clue on the nz market hence I don’t invest there and would recommend you do the same until you do have a clue.
Research the market first not sure about the investment companies and unlike mortgage hunter I wouldn’t dismiss them until I knew there cost structure and what you will get out of the investment (I always recommend check out all and any investment, diamonds arn’t found on a shopping mall floors)
Look at old houses as well as units as you will find bargains there in any market.
Sorry I can’t find the freeway to success for you but will try at least give you the map.units are a good low entry in to the property market.
here to help
hi jenny
please give me the good oil.
I have a 250 unit develop in hervy bay and i’m just doing the numbers.
what sell price new is it currently
what are they discounting by currently.
As soon as this guy was telling me your post came to my mind.
somebody is going to get the project not sure yet if its worth running with yet.once I get the paperwork can let you have a look if you wish and give me your input.here to help
hi all
outside the square again.
I have been having alot of computer problems with our network and a computer friend told me to change over my main frame to a macintosh(apple) reason the little virus makers don’t make them for macs hence you can’t buy a mac version of any of the anti virus programme.
interesting its demand and supply, no demand no programmes.
hence I’m in the middle of changing over a couple of our computers from this reason.here to help
Hi FAST TRACK
If you’ve Conducted a full Feasibility Study.
and you’ve got arms lenght pre sales I would be aiming at a 100% lend at 8.75% and there are a couple of lenders that will lend on this.
Contact a couple of commercial brokers,Simon pulp finance can organise in sydney they charge 2% commission to organise there deals.
I can give you his number if need be.here to help
hi batts71
I have both and its good to mix.
Its actually easier to get the lend before the tennent signs as once signed the value of the property is depending on the lease mine are 5 x 5 and 6% cpi increased (if the cpi is higher they pay that rate)(1 has a commercial tennant,they want the option to purchase soon, comming out of lease in 2 years.)here to help
Hi loanwolf
Usually its 12 months but I have bought 2 year option from vendors.
Its usually 1% they are handy and you can make money as long as you can get what you want.
I posted an option yesterday that lost over 500,000 (not sure of the post have a read and youll see my response)(i can send it to you again if you wish)because it was zoned wrong and they had paid for all da fees.
So be carefull that you have done your figures
they are not all roses.
You take the cost of da and associated cost and then hope that some one will buy at the end.
If your smart (I think I am) and you can’t sell using the option we wait until the option runs out and buy it off the owner with your da attached all depend on the timing.
currently here in sydney of the 4 projects on my desk they are all options.
and they are not in a very good bargaining position.
The other thing to remember is developers are both buyers of raw sites, which this is and da sites which you hope it to be.and priced accordingly I buy da approved sites for ease of process.here to help
hi NATS12
I’m with simon on this one but you need to go to the council meet a planner get his card and ask your question re land per site and yes it is different for.
duplex
townhouse
and units ( if its units ask me again)
Make sure you get on well with this planner when you meet him or her as he/she maybe one of your best friends by the time of the end of your development.
not sure of the state.
I use external planners as they usually get the job done better.here to help
